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Deutsche EuroShop: Third-quarter results broadly as expected

  • Revenue: €151.0 million, EBIT: €131.0 million
  • EBT before measurement: €93.9 million (+3.3%)
  • Earnings per share: €1.37 (+6.2%)
  • FFO: €1.68 per share (+2.4%)
  • Update for 2015 estimate and small adjustment to 2016 forecast

Business operations for the first nine months were in line with management expectations at Deutsche EuroShop. The shopping center investor recorded net operating income of €135.9 million (unchanged) and a 0.9% decrease in EBIT (€131.0 million) – primarily because of one-off costs – on revenues of €151.0 million (+0.9% year on year).


A €4.5 million improvement in the financial result meant that earnings before taxes and measurement (EBT before measurement) rose from €90.0 million to €93.9 million (+3.3%). “The €2 million reduction in interest expense had a significant positive effect on net finance costs. In addition, a valuation effect from interest rate hedging contributed to the increase in earnings,” said Wilhelm Wellner, CEO.

Consolidated profit increased by 5.9% year on year to €73.6 million. Earnings per share rose to €1.37, while EPRA earnings per share were 3.7% higher at €1.41. Funds from operations (FFO) improved by 2.4%, from €1.64 to €1.68 per share.


Our forecast for financial year 2015 was originally based, among other things, on an expectation that inflation would average 1.0%. The actual annual inflation rate for 2015 to date (January to September) is only 0.3%. Nonetheless, the Executive Board maintains its forecast, with the exception of operating profit before interest and taxes (EBIT), and expects a result at the lower end of its target range. Because of one-off factors affecting other operating expenses and slightly higher property costs, we anticipate an EBIT result that is somewhat below the previous range:


  • Revenue: €201 to 204 million
  • Earnings before interest and taxes (EBIT): €175 to 178 million (previously: €177 to 180 million)
  • Earnings before taxes (EBT) excluding valuation gains/losses: €126 to 129 million
  • Funds from operations (FFO) per share: €2.24 to €2.28

Based on the forecast for the current financial year and in particular against the backdrop of changes to the baseline data for the inflation trend and expectations, the Executive Board is making a slight change to its forecast for 2016 and predicts the following ranges:

  • Revenue: €200 to 204 million (previously: €203 to 206 million)
  • Earnings before interest and taxes (EBIT): €175 to 179 million (€179 to 182 million)
  • Earnings before taxes (EBT) excluding valuation gains/losses: €127 to 130 million (€130 to 133 million)
  • Funds from operations (FFO) per share: €2.26 to €2.30 (€2.30 and €2.34)

The company still foresees an increase in the dividend of five cents to €1.35 per share for 2015.


Full interim report

The full interim report is available as a PDF document and in ePaper format. It can be downloaded from


Internet broadcast of the teleconference

Deutsche EuroShop will hold a conference call for analysts in English at 10 a.m. on Friday 13 November 2015, which will be carried as a live webcast


Deutsche EuroShop – The shopping center company

Deutsche EuroShop is the only public company in Germany to invest solely in shopping centers in prime locations. The MDAX-listed company currently has investments in 19 shopping centers in Germany, Austria, Poland and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk.

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